Hines has bought Parque Industrial Tecnologico II in Guadalajara, Mexico from Union Investment.
The 1.3m sq ft industrial park was developed by Hines and sold to Union Investment in 2007. It currently has 22 tenants, including Assa Abloy, Bonafont, and Heinz, and is 95% occupied.
The price was undisclosed.
Ricardo Serrano, marketing director at Hines, said: “We expect Parque Industrial Tecnologico II to benefit from a combination of strong tenants and occupancy history, construction quality and an excellent location, which is superior to most industrial assets traded in the last three years in Mexico.
“The gradual shift from industrial into office in the area is driven by the lack of availability of large, quality class A space at reasonable prices.”
Savills acted for Hines. Union Investment was represented by Cushman & Wakefield.
